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Can My Mother Get An Interest Only Mortgage

Hi, my parents have a mortgage of £135,000 on their house worth £250,000. They paid off the original mortgage on their house but took this one out to help my sister and I put down deposits on our homes. We have always paid the interest only payments, but the current mortgage company will not re-mortgage after May 2017 when the term on this mortgage ends.

My parents have a good pension and excellent credit histories so I am fairly sure that you would be able to help get a mortgage. My mother is becoming increasingly concerned about this problem and is worried about having to go through the re-mortgaging process, particularly as it is my sister and I that owe the money!! Would it be possible for me to manage the re-mortgaging process for them if they give written permission? Thanks Katie

Ask the Specialist response:

Thanks for your enquiry.

Typically we assist clients beyond the state retirement age. If they have a good pension and excellent credit history this will help their overall application.

We are happy to initially discuss your parent's circumstances with yourselves, albeit we will need to speak to your parents to ensure they are comfortable with how we would be proposing to assist them. Thereafter, it would be possible for you to manage the remortgaging process for them if they give written permission.  

If you just wish to obtain an indication on whether we are able to assist you, given your specific circumstances, I'd recommend speaking to one of our Advisers on 02077100400 or send us an enquiry online and one of our Advisers will call you back.

Capital Fortune